Pilgrim's Pride Corporation
|Company Name||Pilgrim's Pride Corporation|
|Class Period||February 09, 2017 to June 03, 2020|
|Lead Plaintiff Motion Deadline||September 04, 2020|
On June 3, 2020, The Wall Street Journal reported that Pilgrim’s Pride’s Chief Executive Officer and others had been indicted "for allegedly conspiring to fix prices on chickens sold to restaurants and grocery stores."
On this news, the Company's share price fell $2.58, or more than 12%, to close at $18.29 per share on June 3, 2020, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company and its executives had participated in an illegal antitrust conspiracy to fix prices and rig bids from at least as early as 2012 and continuing through at least early 2017; (2) that the Company received competitive advantages, which persisted during the Class Period, from its anticompetitive conduct; and (3) as a result, Defendants’ statements about the Company’s business, operations, and prospects lacked a reasonable basis.
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